NAT report for the first half and second quarter ending June 30, 2020

Aug 20 2020


- Nordic American Tankers Limited's (NYSE: NAT) net income for 2Q2020 came in at $49.1 million, a 24% improvement from the previous quarter of $39.5 million. 
- Cash dividends are a priority for NAT. On May 20, 2020, we announced our 92nd consecutive quarterly dividend. The dividend for 2Q2020 is 20 cents ($0.20) per share, payable on or about September 4, 2020, to shareholders of record August 28, 2020. 
- The average Time Charter Equivalent (TCE) for our 23 Suezmax tankers for 2Q2020 was $48,400 per day per ship. In the previous quarter the TCE was $44,100 per day per ship. Our 4Q2019 TCE was $31,700 per day per ship. Our operating costs are about $8,000 per day per ship. Going into the third quarter, we see that 2020 will be a good year for NAT, as well as 2021.
- NAT holds $144 million in cash as of the date of this release, equaling $0.96 per share. Our total long term liabilities as per June 30, 2020 stood at $318.9 million, a reduction of more than $110 million since year end 2018. Our net debt* is $256 million or about $11 million per ship.
- We have a busy drydocking schedule for 2020. At the end of September, we expect to have completed all of our 10 scheduled drydockings for 2020. The quality of the NAT fleet is first rate, reflecting the vetting record of our ships.
The full report can be found here.

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